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Exxon's 2nd Quarter Profits Drop By Two-Thirds

By Bill Zeeble, KERA News

http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-852383.mp3

Dallas, TX –

Irving's Exxon Mobil Corporation says it's 2nd quarter profits were off by two-thirds compared to last years 2nd quarter. KERA's Bill Zeeble has more.

The world's largest publicly traded energy company says it earned 4 billion dollars in the 2nd quarter compared to earning nearly 3 times that much a year ago. Exxon Mobil put the blame on volatile prices for oil which is selling for about half what it was last year, the global recession, and reduced demand for its products.

Exxon Mobil earned 84 cents a share, which feel short of what analysts expected.

Meanwhile, the energy giant pumped more than 12 billion dollars back into capital investments and exploration, as it had planned.

Email Bill Zeeble